Need Help With K-1 Tax Form

P

PhuckIRS

Hi I'm relatively new to this forum and have a few questions I was wondering if anyone on this site can help me with.

1) I received a K1 from USO with pass-through income of $2,100 that I did not receive. Do I owe taxes on this? If so, do I just report this as income and than adjust my cost basis up for the actual USO security?

2) If I received tax dividend but paid out even more dividend from my shorts, can they be netted out like with interest income and margin expense?

3) Does anyone have a name of a good CPA who is familiar with doing taxes for day traders in Los Angeles?

Thanks.
 
I'm not a tax accountant but provide this guidance (to be used at your own risk).

1) You should receive detailed instructions that show line by line where to report partnership items. But in general, you report your share of the pass through income and adjust your basis upward. The fact that you might not have actually received the income doesn't have any bearing on this.

2) Dividends paid on short stock ad to your basis. I don't think you can net.

3) ???

Good luck. I have some MLPs and reporting for them is a pain.
 
Love the screen name!

1. Is this a 2008 K-1? What box was it reported in? What lettered code is next to the $2,100 that was reported?

2. Hurricane is right on this one.

3. No, but you can hit up www.greencompany.com. You don't need to work with someone is LA but Green isn't cheap.

I'm not a tax CPA but sometimes I wish I was. Judging from the fees they charge, those bastards must think they are traders. :mad:

Quote from PhuckIRS:

Hi I'm relatively new to this forum and have a few questions I was wondering if anyone on this site can help me with.

1) I received a K1 from USO with pass-through income of $2,100 that I did not receive. Do I owe taxes on this? If so, do I just report this as income and than adjust my cost basis up for the actual USO security?

2) If I received tax dividend but paid out even more dividend from my shorts, can they be netted out like with interest income and margin expense?

3) Does anyone have a name of a good CPA who is familiar with doing taxes for day traders in Los Angeles?

Thanks.
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